That’s right: a big, fat zero. Nada. Zilch. A goose egg. Naught. Zippo. What could be a more apt and powerful description for the moribund state of our economy? Neither up nor down. Dead in the water and becalmed. Not really doing anything. It’s the first time since 1945, 66 years ago, that the government reported a net job change of zero.
This result comes as no surprise to those outside the Washington Beltway who are looking desperately for jobs that don’t exist or are trying to find their way during this time of economic standstill. We’ve seen the listlessness, the lack of growth, and the lack of confidence firsthand and all around us.
Next week, President Obama will give a speech to a joint session of Congress to spell out his latest plan to jump start the economy. If another speech could help, shouldn’t it have been given long ago? If the Administration had new ideas on what to do, shouldn’t they have been proposed already? The zero reported today seems to reflect a lack of ideas and a lack of urgency as much as a lack of economic growth.